With more altcoin-related funds set to enter the market soon, VanEck has launched its third exchange-traded fund (ETF) in the US to feature Solana staking.
The VanEck Solana ETF (VSOL) launched on Monday, joining similar funds from Bitwise and Grayscale that debuted in late October and recorded combined inflows of more than $380 million.
Similar to Bitwise and Grayscale’s ETFs, VSOL offers staking yields and rewards when Solana (SOL) is locked up on the blockchain. To combat competition, it is also waiving its 0.3% fee until February 17th or until it reaches $1 billion in assets.
Asset managers have flooded the market with crypto ETFs since the Securities and Exchange Commission changed its listing standards in September, allowing for faster approval without requiring a valuation of each fund.
Bloomberg ETF analyst Eric Balchunas said Monday that the Fidelity Solana ETF (FSOL) was launched on Tuesday and will compete with three existing similar funds with a 0.25% fee.
He added: “It’s definitely the largest asset manager in this category, with the exception of BlackRock, which is leaving.”
Dogecoin ETF could launch as early as Monday
Balchunas said he expects Grayscale’s Dogecoin (DOGE) ETF to launch on Nov. 24, based on an amended regulatory filing earlier this month that starts a 20-day period that can be triggered if the SEC doesn’t respond.
Grayscale Dogecoin Trust (DOGE) is a conversion from an existing fund and will be traded on the New York Stock Exchange, which will need to apply to list the ETF.
“It won’t be 100% until the exchange notice, but it looks good based on SEC guidance,” Balchunas added.
Related: XRP traders hope new wave of ETF launches will restore bullish trend
When Grayscale’s fund launches next week, it will become the first Dogecoin ETF in the U.S. to directly hold meme coins.
Asset issuers REX Shares and Osprey Funds jointly launched the DOGE ETF in mid-September, and it is registered under the Investment Company Act of 1940, with investments limited to offshore subsidiaries of wholly owned cryptocurrencies.
Bitwise may also launch a spot Dogecoin ETF late next week after changes to its regulatory filing for the product on Nov. 6 triggered a 20-day launch timer unless the SEC intervenes.
Magazine: Solana vs Ethereum ETF, Facebook’s impact on Bitwise — Hunter Horsley
